The molecular diagnostics (MDX) world market will reach $6.13bn in 2014, Says the New Study on ASDReports

Friday 12 December 2014, Amsterdam

The new report now available on ASDReports, calculates that the molecular diagnostics market will reach $6.13bn in 2014 with revenue showing high overall growth to 2024. These forecasts and others appear in The Molecular Diagnostics (MDx) Market Forecast 2014-2024: Opportunities for Leading Companies, published in October 2014.

The molecular diagnostics market is growing at a far higher rate as compared to the rest of the IVD market.  Drivers of growth in the MDx market over the forecast period include oncology testing, hospital acquired infection testing and HPV testing.

Amy To, a pharmaceutical and medical devices analyst at visiongain explains: “The fastest growing segment of the MDx market will be oncology testing, where the tests can be used to determine a patient’s susceptibility to certain cancers and to evaluate their response to certain cancer drugs. In these instances, the high initial cost of MDx tests are more than offset by their clinical value. These tests can maximise the likelihood of cancer treatment efficiency and minimise the risk of adverse side effects. However, despite their potential to reduce the burden of healthcare costs, the MDx market is still restrained by reimbursement challenges. Healthcare services have generally been slow to adopt MDx tests when there have been cheaper diagnostic technologies such as serology and culture available. Moreover, the billing of diagnostic services is complex in the U.S with many MDx test claims being paid incorrectly. There have been concerted efforts to make the molecular pathology code for labelling MDx tests more consistent in order to simplify the billing of services. As the regulatory and reimbursement framework for molecular tests catches up with the pace of innovation, there will be more reassurance for investors that this will be a highly lucrative sector of the medical devices market.” 

Growth in Western Europe and the U.S will be constrained over the forecast period owing to the increasing consolidation of diagnostic laboratories. China will be the fastest growing country over the forecast period, driven by heavy healthcare investment, increasing patient healthcare access and the rising incidence of cancer in the country.

The new 173-page report provides revenue forecasts to 2024 for the global molecular diagnostics market, its submarkets by application type and leading national markets. It forecasts sales in the US, Japan, Europe (EU5: Germany, France, Italy, Spain, UK and the rest of Europe), China, India, Russia, Brazil, South Korea, Mexico and the Rest of the World. It also profiles 7 leading MDx companies, including their MDx division financial performance, product portfolio and recent commercial activity. It also includes an interview transcript with an industry expert regarding the current developments and the drivers of growth in the MDx market.